Common use of Qualifying Longevity Annuity Contracts and RMDs Clause in Contracts

Qualifying Longevity Annuity Contracts and RMDs. A qualifying longevity annuity contract (QLAC) is a deferred annuity contract that, among other requirements, must guarantee lifetime income starting no later than age 85. When calculating your RMD, you may reduce the prior year end account value by the value of QLACs that your IRA holds as investments. For more information on QLACs, you may wish to refer to the IRS website at xxx.xxx.xxx.

Qualifying Longevity Annuity Contracts and RMDs. A qualifying longevity annuity contract (QLAC) is a deferred annuity contract that, among other requirements, must guarantee lifetime income starting no later than age 85. When calculating your RMD, you may reduce the prior year end account value by the value of QLACs that your SIMPLE IRA holds as investments. For more information on QLACs, you may wish to refer to the IRS website at xxx.xxx.xxx.